Bidding war between owner-occupier and developer sees Abbotsford site sell on 300th bid

Property Markets / Planning, Zoning, Infrastructure

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An owner-occupier has fought off a land banker/developer with the 300th bid at a marathon auction to pay $3.126 million for a commercial building with development upside in the increasingly popular Abbotsford.

Teska Carson’s Matthew Feld and Luke Bisset who managed the sale campaign said the property had generated 75 enquiries and sold $426,000 above the vendor’s reserve.

``This was an exceptional result reflecting the rapidly growing desire for property in Abbotsford from a broad cross section of the market and that has resulted in a vacancy rate that is currently tracking at an all-time low,’’ Mr Feld said.

He said the property, just four kilometres from Melbourne’s CBD and within easy reach of public transport, freeways, offered an extremely good location with solid improvements in very good condition.

Located at 50-54 Duke Street, the property comprises a 358 square metre, single level building, currently used as an office, on a 675 square metre site, zoned Industrial 1 with on-site parking for at least eight cars, and 23 metres frontage to Duke Street.

Mr Bisset said the locale had become increasingly popular with both residential and commercial tenants seeking to take advantage of the exceptional lifestyle and business prospects.

``Abbotsford is now one of the few inner suburbs which is still offering affordable opportunities and those with development upside are keenly sought after,’’ he said.

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